Cadeler has reported interim financial results for the first half of 2025, with performance exceeding expectations and in line with its revised full-year revenue and EBITDA guidance. The period was marked by fleet expansion, disciplined project execution, a stronger focus on operations and maintenance (O&M), and significant compensation received from the termination of a long-term agreement.
Revenue for the first six months of 2025 more than tripled to € 299 million (H1 2024: € 82 million), an increase of € 217 million or 265%. EBITDA rose to € 213 million (H1 2024: € 22 million), up € 191 million year on year. Profit for the period reached € 168 million, compared to € 0.2 million in the same period last year.
Fleet utilisation stood at 67%, with seven vessels operating worldwide. The company confirmed its full-year guidance, with revenue expected between € 588 and 628 million and EBITDA between € 381 and 421 million.
In the first half of the year, Cadeler took delivery of two new Wind Turbine Installation Vessels (WTIVs), Wind Maker and Wind Pace, which are now operating on projects in Taiwan and North America. In May, the company agreed to acquire the O&M vessel Wind Keeper, which was delivered in July. A three-year contract, with additional options of two and a half years, has been signed with Vestas starting in early 2026. Wind Keeper is currently en route to Europe for tailored upgrades before commencing work with Vestas.
Further expansion is expected in the second half of 2025, when Cadeler will take delivery of two additional WTIVs, Wind Ally and Wind Mover. By mid-2027, the company expects to operate a fleet of 12 vessels.
In March, Cadeler launched Nexra, a new aftermarket division dedicated to the growing offshore wind O&M market.
As of 26 August 2025, Cadeler’s contract backlog stood at € 2.5 billion.
